Arizona Defined-Benefit Pension Plan and Trust Agreement

• Category: Trusts - Business
• State: Multi-State
• Control #: US-1073BG
• Format: Word; Rich Text

Description

A defined benefit pension plan is a type of pension plan in which an employer or sponsor promises a specified pension payment, lump-sum (or combination thereof) on retirement that is predetermined by a formula based on the employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of corporations, provided defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay. A defined benefit plan is "defined" in the sense that the benefit formula is defined and known in advance. Conversely, for a "defined contribution retirement saving plan", the formula for computing the employer's and employee's contributions is defined and known in advance, but the benefit to be paid out is not known in advance. The Arizona Defined-Benefit Pension Plan and Trust Agreement is a legal document that outlines the terms, conditions, and regulations governing the retirement benefits provided to public employees in the state of Arizona. This pension plan is designed to provide eligible employees with a guaranteed income during their retirement years, based on a predetermined formula. It is an important tool for attracting and retaining qualified individuals in public service positions, ensuring they have financial security after their active working years. The Arizona Defined-Benefit Pension Plan and Trust Agreement offers several types of plans, each tailored to specific groups of public employees. These plans include: 1. State Retirement System (ASKS): The Arizona State Retirement System is a defined-benefit plan for employees of participating state agencies, cities, towns, counties, and other government entities. It provides retirement benefits based on a formula that considers factors such as years of service, final average salary, and age at retirement. 2. Public Safety Personnel Retirement System (PS PRS): This defined-benefit plan is exclusively for public safety personnel, including firefighters, police officers, and corrections officers. It offers retirement benefits based on a formula that takes into account an employee's years of service and final average salary. 3. Elected Officials' Retirement Plan (CORP): The Elected Officials' Retirement Plan is designed specifically for elected officials across the state, including legislators, judges, and elected executive branch officers. It provides retirement benefits based on a formula that factors in an individual's years of service and final average salary. 4. Corrections Officer Retirement Plan (CORP): The Corrections Officer Retirement Plan is available to correctional officers and supervisors employed by the Arizona Department of Corrections. It offers retirement benefits based on a formula that considers an employee's years of service and final average salary. It is important to note that the Arizona Defined-Benefit Pension Plan and Trust Agreement is regulated by the Arizona State Retirement System (ASKS) Board of Trustees. The board is responsible for overseeing the fund's investments, managing the plan's assets, and ensuring the long-term viability and sustainability of the pension system. By providing a reliable and predictable retirement income, the Arizona Defined-Benefit Pension Plan and Trust Agreement aims to support public employees in building a secure future while also contributing to the overall economic stability of the state.

The Arizona Defined-Benefit Pension Plan and Trust Agreement is a legal document that outlines the terms, conditions, and regulations governing the retirement benefits provided to public employees in the state of Arizona. This pension plan is designed to provide eligible employees with a guaranteed income during their retirement years, based on a predetermined formula. It is an important tool for attracting and retaining qualified individuals in public service positions, ensuring they have financial security after their active working years. The Arizona Defined-Benefit Pension Plan and Trust Agreement offers several types of plans, each tailored to specific groups of public employees. These plans include: 1. State Retirement System (ASKS): The Arizona State Retirement System is a defined-benefit plan for employees of participating state agencies, cities, towns, counties, and other government entities. It provides retirement benefits based on a formula that considers factors such as years of service, final average salary, and age at retirement. 2. Public Safety Personnel Retirement System (PS PRS): This defined-benefit plan is exclusively for public safety personnel, including firefighters, police officers, and corrections officers. It offers retirement benefits based on a formula that takes into account an employee's years of service and final average salary. 3. Elected Officials' Retirement Plan (CORP): The Elected Officials' Retirement Plan is designed specifically for elected officials across the state, including legislators, judges, and elected executive branch officers. It provides retirement benefits based on a formula that factors in an individual's years of service and final average salary. 4. Corrections Officer Retirement Plan (CORP): The Corrections Officer Retirement Plan is available to correctional officers and supervisors employed by the Arizona Department of Corrections. It offers retirement benefits based on a formula that considers an employee's years of service and final average salary. It is important to note that the Arizona Defined-Benefit Pension Plan and Trust Agreement is regulated by the Arizona State Retirement System (ASKS) Board of Trustees. The board is responsible for overseeing the fund's investments, managing the plan's assets, and ensuring the long-term viability and sustainability of the pension system. By providing a reliable and predictable retirement income, the Arizona Defined-Benefit Pension Plan and Trust Agreement aims to support public employees in building a secure future while also contributing to the overall economic stability of the state.